The furniture retail business is very competitive and retailers are often hard-pressed to provide better value for their clients. Furniture software with integrated Business Intelligence (BI) capabilities can provide furniture store owners the data they need to make informed decisions that take into account every aspect of the business-from the supply-chain, to Point-of-Sale, to finance and operational performance.
Many successful companies utilize BI features to track various data points that can help business owners determine potential areas of growth, and gain a better understanding of the market’s direction. These tools can be integrated with a company’s Enterprise Resource Planning (ERP) system, which can monitor Point of Sale (POS), Payment Processing, Inventory Control, Order Management, Customer Relationship Marketing (CRM), General Ledger and more. Business Intelligence can gather the appropriate data to generate reports and other analytics to enable the company’s management to make sense of the facts, and make better business decisions.
Data produced by furniture software can be used by retailers to streamline business processes by accurately pointing out and eliminating inefficiencies. For example, Inventory Control software is a part of ERP that monitors the details of inventory management, including when items arrive and where they are located in the warehouse. By analyzing the data, furniture software can find out if a supplier keeps missing shipping dates, or reveal the number of times a particular item is moved from one distribution center to another before arriving at the outlet.
Frequently moving large furniture increases the risk of it being damaged in transit. Delays stemming from the supplier’s end will also have a significant effect on the retailer’s ability to deliver products, which in turn affects customer satisfaction.
Armed with such information, the retailer can make informed decisions. Suppliers who regularly miss supply deadlines or whose warehouse management processes heighten the risk of damage can be replaced with another more reliable provider. The proof of inadequate service may also be used as a leverage to create a more favorable deal between the supplier and retailer.
BI can also analyze POS systems and find out which items are selling extremely well and which ones are performing poorly in terms of sales. This enables the retailer’s buyers to purchase more of their best-selling items, and reduce the potential for unsold products. Choosing popular items can also improve the customer’s perception of the store or brand, which further increases their profitability and competitiveness.
There are numerous other practical applications of furniture software that can create value for retailers. Furniture software can highlight problem areas, provide new opportunities to enhance a furniture retailer’s operational performance, and more.
Post time: 08-26-2017